Cenovus Energy (TSE:CVE) Reaches New 12-Month High – Time to Buy?

Cenovus Energy Inc. (TSE:CVE) (NYSE:CVE) shares reached a new 52-week high during trading on Thursday . The stock traded as high as C$30.15 and last traded at C$29.19, with a volume of 5555945 shares. The stock had previously closed at C$29.90.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Morgan Stanley dropped their target price on Cenovus Energy from C$31.00 to C$29.00 in a report on Friday, January 23rd. Desjardins increased their price objective on Cenovus Energy from C$33.00 to C$33.50 and gave the company a “buy” rating in a research note on Friday, December 12th. Royal Bank Of Canada cut their target price on shares of Cenovus Energy from C$32.00 to C$29.00 and set an “outperform” rating on the stock in a report on Tuesday, January 13th. JPMorgan Chase & Co. downgraded shares of Cenovus Energy from a “buy” rating to a “neutral” rating and set a C$25.00 target price on the stock. in a research note on Tuesday, January 20th. Finally, Scotiabank increased their price target on shares of Cenovus Energy from C$29.00 to C$30.00 and gave the company a “hold” rating in a research report on Tuesday, January 20th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of C$29.41.

Cenovus Energy Stock Down 2.9%

The company’s fifty day simple moving average is C$24.85 and its 200 day simple moving average is C$23.87. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 33.59. The firm has a market capitalization of C$54.76 billion, a P/E ratio of 16.78, a price-to-earnings-growth ratio of 0.09 and a beta of 0.65.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its earnings results on Friday, October 31st. The company reported C$0.72 earnings per share for the quarter. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.67%. The firm had revenue of C$13.20 billion for the quarter. Research analysts expect that Cenovus Energy Inc. will post 2.2619279 EPS for the current year.

Cenovus Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 31st were given a dividend of $0.20 per share. The ex-dividend date was Monday, December 15th. This represents a $0.80 annualized dividend and a dividend yield of 2.8%. Cenovus Energy’s payout ratio is currently 43.93%.

Insider Transactions at Cenovus Energy

In other news, Director Michael John Crothers acquired 2,000 shares of the stock in a transaction on Monday, December 15th. The stock was acquired at an average price of C$24.23 per share, with a total value of C$48,460.00. Following the completion of the transaction, the director owned 8,000 shares of the company’s stock, valued at C$193,840. This represents a 33.33% increase in their position. Company insiders own 32.03% of the company’s stock.

Cenovus Energy Company Profile

Cenovus Energy is an integrated oil company, focused on creating value through the development of its oil sands assets. The company also engages in production of conventional crude oil, natural gas liquids, and natural gas in Alberta, Canada, with refining operations in the U.S. Net upstream production averaged 472 thousand barrels of oil equivalent per day in 2020, and the company estimates that it holds 6.7 billion boe of proven and probable reserves.